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Hi and welcome to Just Answer!That depends on your intention...If you choose the LLC to be treated as C-corporation - it would be a separate taxing entity and should pay its own income taxes.
Your relations with Corporation is based on two items:
- as an employee of C-corporation you are entitled to receive compensation that is generally treated as wages.
- as a shareholder - you might receive dividends according to the number of shares you own.
If C-corporation overpaid you - you better to return the money before the end of the tax year to avoid possible tax consequences.Let me know if you need any help or clarification.